Student Loan Going into Default
My question involves collection proceedings in the State of: Virginia was the University and I reside in Florida. I have $45K+ student loans through Sallie Mae that I consolidated to 2 loans subsidized and unsubsidized at 7.375% interest rate. I am not able to pay the monthly payment due to debt, cost of living, job changes and moving multiple times. I have no forbearance or deferment available. I have submitted request to lower my payment that is 260 days past due and awaiting response. Are there any solutions available to me. I had 2 other private loans through my mother that defaulted over 3 years ago that my parents paid settlements through the loan issuer of over $15K. There have been multiple issues with my student loans since graduation in 2001. I deferred payment and found out after a year some loans were not deferred and fees/payments added up. Every time I tried to get issues resolved I was told resolved and then would start receiving multiple calls every day from collections. Then when I had time took the calls spoke to them and after 30-45 min. They would tell me it was taken care of and I was in deferment. This has been a nightmare since graduation over 10 years ago and always confusing. I am very hesitant to do anything but know I need to do something. Please help or point me in the right direction. Thank you!
Re: Student Loan Going into Default
You are free to try to negotiate whatever settlement you would like with your lenders. They are free to say "No, we prefer to be paid back in full."